It's been 50 years since the Counterculture Revolution took holdin San Francisco, New York and other cities across the world.

You wouldn't know it from some of the comments we've received atCU Times.

Page one of this issue features a story about Chicago's $9million North Side Community Credit Union, which launched agender affirming loan. The funds can be used to finance medicalsurgeries, procedures, voice lessons, a new wardrobe and otherexpenses, since most transgender individuals lack the financialresources of Caitlyn Jenner.

In fact, the transgender community has a much higher rate ofunemployment and low income than the general population, whichisn't a big surprise as discrimination against this group is stillstrong in most parts of the country. Counterculture literallydoesn't pay.

Because of those factors, the loan is more than just a personalloan plus marketing. Not one applicant has qualified yet due tocredit issues, so one feature of the loan package allowsentry-level borrowers to qualify for an unsecured $500 loan.Another option allows members to build savings as they improvetheir credit scores by repaying loans of up to $1,000.

Some readers mocked this loan program and those who would apply.One reader called it cheap publicity and added, “If someone needs aloan for a personal reason, I thought we would just make the loanand not publicize the purpose.”

This reader missed the point of why credit unions exist. Iftransgender individuals could obtain a personal loan from a bank,they would do so. I'm sure plenty of them have. But, as the articleexplained, many can't qualify due to credit issues that stemdirectly from their transgender identities.

The success of credit unions among mainstream borrowers hasspoiled this community. Alternative financial providers like paydaylenders thrive because the underbanked and unbanked aren't welcomein some credit union branches.

Risk-averse regulators are fueling the fire. Creative ways toserve the underserved, even when risk is covered, is practicallyforbidden.

Speaking of regulatory contraband and risk management, creditunions interested in serving the growing legal marijuana marketshould purchase Sundie Seefried's new book, Navigating SafeHarbor: Cannabis Banking in a Time of Uncertainty. Seefried ispresident/CEO of the $311 million Partner Colorado Credit Union,located near Denver.

Her book details how she established a division of the creditunion, Safe Harbor Private Banking, to serve Colorado's thrivingmarijuana industry.

It's a guidebook on how to manage regulatory, reputational andsafety risks associated with this market, and clarifies forregulators how to help bring stability to the rapidly growingindustry.

Most are familiar with the conundrum faced by financial servicesproviders in states where medicinal or recreational marijuana islegal. Federal laws make it so difficult for cannabis businesses toopen checking or savings accounts in federally insuredfinancial

institutions, most of them don't even want to try. That meansstate-legal marijuana businesses are unable to wire funds, accesslines of credit or maintain payroll accounts, and must pay bills,employees, suppliers and taxes in cash.

That's not just risky for those in the industry; it's risky foreveryone. Marijuana business owners frequently visit supermarkets,convenience stores and other money order providers with backpacksfilled with $10,000 or more in cash. They wouldn't be the only onesharmed in an armed robbery. Everyone else in the store could be,too. This public safety issue was one of the reasons PartnerColorado's board approved the service.

Seefried's program isn't soft on serving the marijuana industry.She described the credit union's policies and procedures asdraconian. Potential members are presumed to be laundering moneyand using the storefront for illegal purposes until they can proveotherwise. Every single transaction is scrutinized. Seefried saidthat heavy hand has turned away some, but that was the point.

“We wanted to weed out those that might be intimidated by ourrules and methods and retain only those willing to be 100%transparent,” she said.

Another reason to consider serving this industry? Your creditunion probably already does and you don't even realize it. Seefriedsaid many marijuana businesses deposited bank and credit unionchecks to open their accounts. Most of the accounts were personalones functioning as business accounts. Others had misleadingbusiness names that hid the nature of the business.

Servinglegal marijuana retailers is also profitable, because themismatch between demand and supply allows credit unions to settheir own fee schedule without much competition.

Seefried said the business could be as profitable as a creditunion wants to make it.

“We have priced it as the low cost provider in the state, but wemake what we consider a good enough profit to retain therelationship long term, and not just a short term profit, thatwould later look like we were not representing the credit unionphilosophy properly,” she said.

Navigating Safe Harbor: Cannabis Banking in a Time ofUncertainty can be purchased and downloaded atsafeharborprivatebanking.com and is available at Amazon.com in bothebook and print versions.